Jittery covered bond buyers set more conditional orders

Covered bond investors are setting more conditions on their orders, joining order books later, and limiting tenors they will buy, anxious to avoid buying bonds that will underperform. Despite the picky investor base, Swedbank still raised a €1bn five year at a record tight spread.

  • By Bill Thornhill
  • 15 Feb 2018

Swedbank mandated leads and simultaneously opened order books on Thursday for a benchmark Swedish covered bond due August 2023 with initial guidance of 10bp through.

After 90 minutes, orders exceeded €1bn and, after two and a half hours, when orders had crept up to €1.2bn, the spread ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 4,052.17 16 6.98%
2 UniCredit 3,766.07 19 6.49%
3 Credit Suisse 3,501.18 16 6.03%
4 Barclays 3,225.91 15 5.56%
5 Deutsche Bank 2,972.40 12 5.12%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 16,645.90 69 7.02%
2 Morgan Stanley 16,238.66 58 6.85%
3 JPMorgan 16,212.01 56 6.83%
4 Bank of America Merrill Lynch 15,866.43 43 6.69%
5 Citi 14,586.71 61 6.15%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 14,782.77 59 10.78%
2 Bank of America Merrill Lynch 14,541.23 37 10.61%
3 JPMorgan 14,017.46 38 10.22%
4 Morgan Stanley 13,480.57 43 9.83%
5 Citi 12,623.66 48 9.21%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 3,768.78 13 10.71%
2 UniCredit 2,555.78 10 7.26%
3 Deutsche Bank 2,505.35 8 7.12%
4 SG Corporate & Investment Banking 2,239.57 9 6.36%
5 Credit Suisse 2,135.65 6 6.07%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 02 May 2016
1 Morgan Stanley 365.83 497 7.62%
2 JPMorgan 332.66 618 6.92%
3 Bank of America Merrill Lynch 299.89 590 6.24%
4 Goldman Sachs 276.71 375 5.76%
5 Citi 264.54 592 5.51%

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 UBS 2,355.83 6 22.08%
2 Credit Agricole CIB 2,031.40 2 19.04%
3 SG Corporate & Investment Banking 1,447.57 4 13.57%
4 Barclays 505.57 3 4.74%
5 JPMorgan 490.48 3 4.60%